NLIC.org

Jessica Said:

Nevada deficeny judgement and my credit report?

We Answered:

The laws for foreclosures on homes vary by state.

In your case it does look like Nevada has the law that they have 3 months "from the date of the sale" to sue for the deficiency.
I would suggest that you contact your local real estate commission or a local real estate attorney for confirmation - especially written confirmation that also contains the specific statutes.
(having it in writing from the real estate commission would go far in having a suit dismissed if the 2nd decides to sue)

Even though they would be barred from suing if it has been longer than 3 months from the sale, that does not mean they cannot charge off the account (usually at 120 days from default) and have it report as a charge off on your credit reports.
And a heads up, they may eventually sell it to a collector. (another good reason to have written confirmation proving they cannot sue after 3 months from the sale)

eta:
The same would go for the 1st if the house did not sell for enough to cover the mortgage + fees.

Again, I strongly suggest that you check with the real estate commission or a real estate attorney.

Everett Said:

In the state of Nevada, can mortgage lenders come after upside down borrowers for money owed after forclosure?

We Answered:

Yeah, it is not that easy to rob the bank in NV, you will have to repay the money.

Stella Said:

Is it safe or a scam to buy a shelf corporation to get a line of credit?

We Answered:

That's a total scam. I would not go for it

Jay Said:

What does this article mean please sumamrize for me (U.S. Homes Lost to Foreclosure Up 25 Percent)?

We Answered:

It means more people had their homes foreclosed in August than in any other month previously.

That's a long article, but most of it seems pretty straightforward. What specific parts of it were you having trouble understanding?

EDIT: OK, so it's not that you don't understand the article, it's that you don't know how to summarize something? Try this:

http://www.class.uidaho.edu/adv_tech_wrt…

or this

http://www.ehow.com/how_4734227_summariz…

Jessica Said:

Re: Bailout. humm. 2.3 million homeowners all sub-prime ? 860,00 repossessions, all sub-prime mortgages?

We Answered:

you are correct..ultimately Wall Street greed and people living beyond their means are the cause of the mortgage meltdown. I live in Vegas and I used to re-finance the same people every couple of years. they used the equity in their homes like banks. they would run up credit card debt then do a cash out refi to pay off the debt. people with big houses (4k sq ft) and Mercedes and Audi's parked the drive way. they lived off credit but had no cash. people pulled billions of dollars of equity out of homes in the last 6-7 years to pay down debt from living beyond their means.

so when real economic times hit people have no cash reserves and are already extended on credit. they have nothing to fall back on and it's foreclosure city.